[Provisional Translation Only]
This English translation of the original Japanese document is provided solely for information purposes.
Should there be any discrepancies between this translation and the Japanese original, the latter shall prevail.

February 27, 2012For Immediate Release
REIT Issuer
Ichigo Real Estate Investment Corporation (8975)
1-1-1, Uchisaiwai-cho, Chiyoda-ku, Tokyo
Representative: Yoshihiro Takatsuka, Executive Director
Asset Management Company
Ichigo REIT Management Co., Ltd.
Representative: Wataru Orii, President & Representative Director
Contact: Masaya Hiruta, Senior Executive Managing Director
Tel: 03-3502-4891

Sale of Portfolio Asset
Ichigo Real Estate Investment Corporation (“Ichigo REIT”) hereby announces that it has sold a portfolio
asset, per the below.

1. Sale Summary
O-32 COI Hiroshima Kamiyacho Building
Asset
Acquisition Date (acquisition date bypre-merger Ichigo REIT)
Sale PriceBook Value
Difference between Sale Price and Book
Value
Contract Date
Settlement Date (expected)
Settlement Method

Trust beneficiary rights in real estate (juekiken)
November 1, 2011
(March 15, 2006)
715,000,000 yen (plus taxes)
883,952,189 yen (estimated as of January 31, 2012)-168,952,189 yen
February 27, 2012
March 30, 2012
Assignment of trust beneficiary rights

2. Reason for the Sale
Following its merger with the former Ichigo Real Estate Investment Corporation on November 1, 2011,
Ichigo REIT has been proactively taking actions to further its growth as a comprehensive J-REIT andpursue stable and steady profitability. Ichigo REIT has defined the period until October 2012 as “Stage I”
under this growth strategy, aiming to “Lay the Foundation for Growth” by improving portfolio quality
via the strategic use of its negative goodwill.
Today’s asset sale was determined after analyzing the future potential of all of Ichigo REIT’s properties
based on criteria such as property age, occupancy, and maintenance cost. The sale will contribute toimproving the quality of Ichigo REIT’s portfolio, thereby helping achieve one of the goals of Stage I.
-1-

3. Use of Funds
The funds obtained through the sale will be used for partial repayment of existing borrowings andfunding future growth.

4. Summary of Property
O-32 COI Hiroshima Kamiyacho Building
Asset
Trustee
LocationLand

Building

Property Right
SizeZoning
Coverage Ratio /Floor Area Ratio
Property Right
UseStructure
Total Floor Area
Construction Date

Number of Tenants
Rental Income
Deposit
Leasable Space
Leased Space
Occupancy
Acquisition PriceAppraisal

Appraiser
Date
Value

Trust beneficiary rights in real estate (juekiken)
The Chuo Mitsui Trust and Banking Company, Ltd.
12-3 Motomachi Nakaku, Hiroshima
Ownership (fee simple)
525.85m2
Commercial
80% /900%
Ownership (fee simple)
Office, Retail
SRC B1F/9F
4,265.11m2
December 14, 1974
24 (as of January 31, 2012)
61 million yen (in the period ending October 2011)
78 million yen (as of January 31, 2012)
2,893.29 m2 (as of January 31, 2012)
2,432.59 m2 (as of January 31, 2012)84.1 % (as of January 31, 2012)
885 million yen
Richi Appraisal Institute
October 31, 2011
885 million yen-2-5. Buyer Profile
The buyer is a Japanese general operating domestic company but has not provided consent for thedisclosure of its name. The buyer is not a “related party” as defined in the Enforcement Ordinance ofthe Investment Trust and Investment Corporation Law and the internal rules of the asset managementcompany.
6. Broker Profile
Name
Address
Representative
CapitalPrincipal businesses
Relationship with theInvestment Corporation or
Asset Management Company

CBRE K.K.
2-2-12 Hamamatsucho, Minato-ku, Tokyo
Tony Insung Cha, Representative Director
150 million yen (as of January 1, 2012)
Brokerage and representation for sale, lease, and transfer ofreal estate Agency sales, brokerage and private placement oftrust beneficiary-in-trust interests
NoneThe broker has not provided consent for the disclosure of the brokerage amount. The broker is not a“related party” as defined in the Enforcement Ordinance of the Investment Trust and Investment
Corporation Law and the internal rules of the asset management company.
7. Schedule
February 27, 2012

Contract signing

March 30, 2012 (expected)

Settlement and partial repayment of GE Japan Loan V

8. Future Outlook
This sale will generate a loss of c. 188 million yen, and the lowered rental income after selling thisproperty is expected to decrease Ichigo REITs’ operating, current, and net profit relative to its
forecasts for the fiscal periods ending April 2012 and October 2012. However, because Ichigo REIT
expects to offset these by using its negative goodwill (which totals 16.5 billion yen as of November
1, 2011), there is no change in the dividend forecast.

-3-Portfolio Reference Information
1. Post-Sale Portfolio Summary

Occupancy(as of January, 31 2012)
Average Building Age(as of March 30, 2012)
Diversification by Area (note 1)(Tokyo Metropolitan Area/Other Areas)(as of March 30, 2012)

Before Sale (A)After Sale (B)Difference(B-A)

92.2%

92.3%

+0.1%

21.0 years

20.8 years-0.2 years

72.0% / 28.0%

72.6% / 27.4%

0.6% / -0.6%

Note 1: “Tokyo Metropolitan Area” refers to “Central Tokyo” and “Tokyo Metropolitan Area.” “OtherAreas” refers to “Four Major Regional Cities” and “Other Regional Cities.”
Note 2: The numbers in “Before Sale” are calculated based on 69 properties, excluding Sendai
Ichibancho Building and Kearney Place Kanazawa Ekimae, which are scheduled to be sold on
February 28, 2012.
2. Post-Sale Portfolio Assets

No.

Property

Area

O-01
O-02
O-03
O-04
O-05
O-06
O-07
O-08
O-09
O-10
O-11
O-12
O-13
O-14
O-15
O-16
O-17
O-18
O-19
O-20
O-21

COI Shinbashi Building
COI Nishisando Building
MTC Building
COI Nanpeidai Building
Joware Hanzomon
COI Hijirizaka Building
COI Shibuya Kamiyamacho Building
COI Akasaka 5 Chome Building
COI Shibazonobashi Building
COI Ebisu Nishi Building
COI Ginza 612
COI Uchikanda Building
COI Kudan-Minami Building
COI Yotsuya 4 Chome Building
COI Akasaka Tameike Building
DSM Jimbocho Building
DSM Nihonbashi Kakigaracho Building
COI Kudan 2 Chome Building
COI Kudan 3 Chome Building
COI Gotanda Building
Benex S-2

Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area

-4-Acquisition
Price(mm yen)

% ofPortfolio

6,110
3,254
2,740
1,920
1,550
1,200
1,505
735
1,100
1,917
1,773
1,140
387
550
580
1,820
1,150
763
844
5,060
1,816

5.81%
3.09%
2.61%
1.83%
1.47%
1.14%
1.43%
0.70%
1.05%
1.82%
1.69%
1.08%
0.37%
0.52%
0.55%
1.73%
1.09%
0.73%
0.80%
4.81%
1.73%

O-22
O-23
O-24
O-25
O-26
O-27
O-28
O-29
O-30
O-33
O-34
O-35
O-36
O-37
O-38
O-39
O-40
O-42
O-43
O-44
O-45

COI Minami-Ikebukuro Building
Technos Nakano Building
COI Eitai Building
COI Yokosuka Bayside Building
Chitose Building
Route Ikebukuro Building
Nishi-Gotanda Access
TK Kichijoji Building
Ibaraki Kowa Building
COI Mei-Eki Building
COI Nagoya Plaza Building
COI Sendai Chuo Building
Solon Keyakidori Building
CRD Marunouchi
Toyamaeki Nishi Building
Daihyaku Mirai-Shinkin Building
Kearney Place Saga
COI Takamatsu Building
COI Toyama Shinsakuramachi Building
Akita Sanno 21 Building
COI Niigata Building

Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Tokyo Metropolitan Area
Other Regional Cities
Four Major Regional Cities
Four Major Regional Cities
Other Regional Cities
Four Major Regional Cities
Four Major Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Other Regional Cities
Subtotal - Office (42 Properties)
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Central Tokyo
Central Tokyo
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Four Major Regional Cities
Subtotal - Residence (18 Properties)
Four Major Regional Cities
Central Tokyo
Tokyo Metropolitan Area

R-01
R-02
R-03
R-04
R-05
R-06
R-07
R-08
R-09
R-10
R-11
R-12
R-13
R-14
R-15
R-16
R-17
R-18

ForeCity Roppongi
ForeCity Azabujuban
ForeCity Azabujuban No.2
Bureau Takanawadai
ForeCity Shirokanedai
B-Site Hamamatsucho
ForeCity Akihabara
Sweet One Court
B-site Ginza East
ForeCity Sasazuka
Gran Presso Kawadacho
ForeCity Sakurashinmachi
ForeCity Shinkamada
ForeCity Nakaochiai
ForeCity Tomigaya
ForeCity Ryogoku
ForeCity Toyosu
ForeCity Nishihonmachi

Z-01
Z-02
Z-03

Falcon Shinsaibashi Building
Fiesta Shibuya
Burc Omori

-5-

1,460
764
1,490
971
2,030
639
765
2,160
604
837
4,705
510
788
6,710
1,650
1,100
659
3,010
367
560
1,830
71,523
1,730
1,140
1,250
1,360
824
701
2,520
786
946
1,050
592
932
1,040
435
1,341
1,080
1,349
927
20,005
3,410
1,970
3,218

1.39%
0.73%
1.42%
0.92%
1.93%
0.61%
0.73%
2.05%
0.57%
0.80%
4.47%
0.48%
0.75%
6.38%
1.57%
1.05%
0.63%
2.86%
0.35%
0.53%
1.74%
68.00%
1.64%
1.08%
1.19%
1.29%
0.78%
0.67%
2.40%
0.75%
0.90%
1.00%
0.56%
0.89%
0.99%
0.41%
1.28%
1.03%
1.28%
0.88%
19.02%
3.24%
1.87%
3.06%

Z-04
Z-05
Z-06
Z-07
Z-08

Pagoda Asakusa
Regalo Building
Lespoir 296
El Centro SapporoDaimyo Balcony

Tokyo Metropolitan Area
Tokyo Metropolitan Area
Tokyo Metropolitan Area
Four Major Regional Cities
Four Major Regional Cities
Subtotal - Others (8 Properties)
Total

1,640
1,310
903
558
638
13,647105,175

1.56%
1.25%
0.86%
0.53%
0.61%
12.98%
100.00%Note: This summary excludes Sendai Ichibancho Building and Kearney Place Kanazawa Ekimae, which
are scheduled to be sold on February 28, 2012.
This document is being distributed today to the Kabuto Club (the press club of the TSE) as well as to the press clubfor the Ministry of Land, Infrastructure, Transport, and Tourism and the press club for specialty construction
newspapers at the Ministry of Land, Infrastructure, Transport, and Tourism.

Website of Ichigo REIT: www.ichigo-reit.co.jp-6-